Today, the National Association of Realtors (NAR) released their Pending Home Sales Report for April showing home sales declined dramatically with the seasonally adjusted national index slumping a whopping 11.6% since March and falling an exceptional 26.5% below the level seen in April 2010, the largest year-over-year decline seen in the wake of the housing collapse.Meanwhile, the NARs chief economist Lawrence Yun sounds a more somber tone while, more or less, recounting a reality that can no longer be whitewashed or avoided... housing has double dipped.
"The pullback in contract signings is disappointing and implies a slower than expected market recovery in upcoming months, ... The economy hit a soft patch in April from sharply rising oil prices, widespread severe weather with the heaviest precipitation in 20 years, and a sudden rise in unemployment claims."
The following chart shows the seasonally adjusted national pending home sales index along with the percent change on a year-over-year basis as well as the percent change from the peak set in 2005 (click for larger version).
